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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chaarat Gold Holdings Ltd | LSE:CGH | London | Ordinary Share | VGG203461055 | ORD USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.15 | 0.20 | 0.20 | 0.175 | 0.175 | 4,123,451 | 16:35:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 49.43M | -25.35M | -0.0348 | -0.05 | 1.46M |
TIDMCGH
RNS Number : 4454S
Chaarat Gold Holdings Ltd
16 November 2021
16 November 2021
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Encouraging Tulkubash 2021 Drilling Programme Results
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining Company with an operating mine in Armenia, and assets at various stages of development in the Kyrgyz Republic, is pleased to announce the completion of the Tulkubash 2021 drilling programme. The Tulkubash project presently hosts JORC compliant Probable Reserves of 571koz Au and Measured, Indicated and Inferred ("M&I,I") Resources of 1,177koz Au .
The infill drilling programme targeted the Inferred and unclassified areas in the Central Pit and Tulkubash east area. The drill holes intersected consistent oxide gold intercepts as expected. The current Mineral Resource estimate ("MRE") of the Tulkubash deposit is in the process of being updated to include the results of the 2021 exploration programme.
The exploration drilling campaign has also confirmed two previously identified potential zones of gold mineralisation at Karator and Ishakuldy, located 2 kilometres and 6 kilometres to the northeast of the Tulkubash east area respectively.
Highlights of the Drilling Programme
- 4,835 metres of drilling in 33 drill holes completed on time and budget
- 12 of 14 infill drill holes, drilled at Tulkubash Central Pit confirm grade and consistency of expected gold mineralisation based on previous drilling
- 7 of 10 infill drill holes in the Tulkubash east oxide gold area also confirm expected mineralisation
- Trenching and the initial 5 drill holes at Karator oxide gold zone returned encouraging intercepts in line with expectations from the prior season's exploration programme and area review.
- All the initial 4 drill holes at Ishakuldy intersected gold mineralisation - The new drill holes include(1) :
o Tulkubash Central Pit zone, oxidised: 16.5 metres of 2.04g/t gold, including 6 metres of 4.10g/t gold in DH21T593
o Tulkubash east area, oxidised: 6 metres of 6.58g/t gold in DH21T611
o Karator, oxide gold: 60 metres of 1.32g/t gold, including 6 metres of 5.06g/t gold in DH21K601
o Ishakuldy, new outlined prospect, transitional oxide to sulphide: 12.3 metres of 3.18g/t gold in DH21I608 and 53.6 metres of 0.52g/t gold in DH21I596
Next Steps
- Tulkubash MRE update planned to be published in early 2022, targeting an upgrade of material in Central Pit and east area from Inferred to Indicated categories
- At Karator, advancing drill programme towards resource definition drilling over the entire 800 metres strike of the mineralised oxide gold zone over the next few years
- Continue systematic drilling and trenching over the entire strike of the prospective zone at Ishakuldy
- Perform a drone based geophysical survey in 2022 over the full 75 km(2) of the exploration licence aimed at delineation of other prospective zones within the Chaarat exploration permit to further confirm the district wide potential of the region
(1) All drill metres quoted are drilling width, believed to be close to true widths. All drill results are shown in appendix 2.
Dimitar Dimitrov, Senior Vice President Geology of Chaarat, said:
"The confirmation of gold grades in the infill drill holes in the Central Pit and east area is very positive and supports an update of the Resource estimate for the Tulkubash ore body The successfully outlined Karator and Ishakuldy zones are confirmation of the extensive geological potential of Chaarat's licence area and the broader district for further Tulkubash and Kyzyltash style deposits."
The Tulkubash Central Pit and east area Infill Drill Programme
The recently completed infill drill programme consisted of 24 drill holes which were selected with the aim of converting the Tulkubash Inferred Resource and unclassified areas in the Central Pit and east area to Indicated Resources. The drill holes were on 40 by 40 metres spacing. As mentioned above, the results of the 2021 drilling programme will be included in the updated MRE for the Tulkubash project.
Geological maps and sections illustrating the location of the drill holes and Tulkubash mineralized zones are available at https://www.chaarat.com/kyrgyzstan/tulkubash/ .
The Karator Exploration Drill Programme
The recently completed exploration programme included 5 drill holes and systematic trenching which resulted in the delineation of an oxide gold zone of Tulkubash style mineralisation.
The trenching results included 50 metres of 1.32g/t gold in TR21T102 and 46 metres of 1.14g/t gold in TR21T604. All 5 drill holes intersected gold, confirming the trenching results. DH21K601 showed the presence of 60 metres of 1.32g/t gold, including 6 metres of 5.06g/t gold .
The Karator zone is located approximately 2 kilometres to the northeast of the Tulkubash east area and extends along more than 800 metres of strike, with approximately 30 to 50 metres true width extending to approximately 150 metres depth. The deposit is open at strike and at depth.
The zone is interpreted to strike southwest to northeast, dipping southeast, following the extensional shear zone developed along or between the major Contact and Irisey reverse faults.
Chaarat is planning to continue evaluating the Karator prospect with systematic resource definition drilling in the coming years leading to an initial MRE.
The Ishakuldy Exploration Drill Programme
Ishakuldy is a well-defined exploration target, outlined along approximately 1.5 kilometres strike and approximately 100 metres width. This is based on a f avourable structurally extensional environment in the vicinity of the major Contact fault which is intruded by a sin-mineralised diorite to granodiorite stock/dyke magmatic complex. The programme showed an intensive +0.5 g/t gold soil anomaly over approximately 2 square kilometres. The presence of overlapping high magnetic and high chargeability anomalies with the soil anomaly and mineral outcrops mineralisation are encouraging indications of potential widespread mineralisation.
The trenching results include 28 metres of 2.36g/t gold in TR21T611, including 10 metres of 5.09g/t gold. All 4 drill holes intersected gold confirming the trench results. DH 21I608 showed 12.3 metres of 3.18g/t gold associated with silicified, fractured and partly oxidised conglomerate/sandstones from the base of the Devonian Tulkubash unit, or, from the top of the Ordovician Chaarat unit.
As a result of the 2021 drill testing and trenching, three parallel prospective zones were outlined at Ishakuldy on more than 600 metres strike, open in both directions.
Chaarat will continue to follow this mineralisation along the entire prospective strike targeting both oxide and transitional to sulphide lithologies.
Sampling, Subsampling and Laboratories
A half HQ (occasionally PQ) core was sampled on average intervals of 1 to 2 metres considering all clear geological boundaries. FA / ICP 35 analysis were conducted by Stewart Assay and Environmental Laboratories in Kara Balta, Kyrgyzstan. In any 20 regular samples, 1 duplicate, 1 standard (reference material) and 1 blank sample were introduced. SGS laboratory in Russia, city of Chita, is used for external laboratory control. All received QA/QC results were prepared in accordance with JORC code guidelines and are meeting the international industry standards.
Competent Persons Statement
The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared by Dimitar Dimitrov, P. Geo, AIG member and a Competent Person as defined in the 2012 edition of the JORC Code 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' . Mr. Dimitar Dimitrov is a full-time employee of the company. Mr. Dimitrov consents to the publication of this new release dated November 16(th) , 2021 by Chaarat. Mr. Dimitrov certified that this news release fairly and accurately represents the information for which he is responsible.
Enquiries +44 (0)20 7499 Chaarat Gold Holdings Limited 2612 Patrick Henze (VP Corporate Development info@chaarat.com & IR) Canaccord Genuity Limited (NOMAD and + 44 (0)20 7523 Joint Broker) 8000 Henry Fitzgerald-O'Connor James Asensio +44 (0)20 7220 finnCap Limited (Joint Broker) 0500 Christopher Raggett +44 (0)20 7886 Panmure Gordon (UK) Limited (Joint Broker) 2500 John Prior Hugh Rich
About Chaarat
Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on the FSU through organic growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com/ .
Glossary of Technical Terms
"Central Pit" Tulkubash deposit area as defined in the bankable feasibility study 2021 "FA / ICP 35" Fire Assay gold assay method / Inductively Coupled Plasma is a multi-element analytical method for determination of the element content in materials, used to assay silver, base metals etc. "g/t" grammes per tonne, equivalent to parts per million "Inferred Resource" that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability "Indicated Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed "JORC" The Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code" or "the Code"). The Code sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves "koz" thousand troy ounces of gold "Measured Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity a concentration or occurrence of material of "Mineral Resource" intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories when reporting under JORC "MRE" Mineral Resource Estimate "Mt" million tonnes "oz" troy ounce (= 31.103477 grammes) "PQ Core" Diamond drill core with 122.6mm hole diameter "O re Reserves" the part of a Measured and/or Indicated Mineral Resource that can be mined at a profit. Reserves are subdivided in order of increasing confidence into Probable and Proven categories when reporting under JORC. "Probable Reserve" the part of Indicated and in some cases Measured Resource that can be mined at a profit. It includes diluting materials and allowances for losses that may occur during mining. "Proven Reserve" the part of Indicated a nd Measured Resource that can be mined at a profit. It includes diluting materials and allowances for losses that may occur during mining. "t" tonne (= 1 million grammes) "QA/QC" Quality assurance and quality control (QA/QC) procedures during exploration ensures the trustworthiness of the data produced. Quality assurance (QA) and quality control (QC) are procedures used in the laboratory to ensure that all analytical measurements made are accurate.
Appendix 1: JORC_2012_Table 1_Sections_1_2_Chaarat
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary ============================================================ Sampling techniques * Nature and quality of sampling (e.g. cut channels, * Sampling comprises predominantly diamond core random chips, or specific specialised industry drilling, along with trench channel sampling and chip standard measurement tools appropriate to the sampling from the new road cuts minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad * Core was drilled through the full expected meaning of sampling. mineralization intersection, as normal to the strike as possible * Include reference to measures taken to ensure sample representivity and the appropriate calibration of any * All drilling is diamond core, triple-tube, measurement tools or systems used. predominantly at HQ diameter * Aspects of the determination of mineralization that * All trench and road cut sampling was done with are Material to the Public Report. ordinary hammer, according to marked sample boundary * In cases where 'industry standard' work has been done * The average down-hole sample length is 1.5m and the this would be relatively simple (e.g. 'reverse average trench and road cut sample is 2.0m circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more * The samples were contoured along all major explanation may be required, such as where there is lithological breaks coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed * All sampling practices are meeting the industry information. standards * Handled XRF instrument was also available, and certain data from core and road cut measurements made through the exploration activities is available as well, although this data is not used for direct mineral assessment ============= ============================================================ =============================================================== Drilling techniques * Drill type (e.g. core, reverse circulation, open-hole * HQ (96mm) was used as a major drilling diameter, PQ hammer, rotary air blast, auger, Bangka, sonic, etc.) at the hole upper level and NQ at the hole deeper and details (e.g. core diameter, triple or standard zones were also sporadically used, aiming to tube, depth of diamond tails, face-sampling bit or guarantee best drilling performance other type, whether core is oriented and if so, by what method, etc.). * Diamond core drilling was conducted with triple-tube
to guarantee better core recovery * The majority of drilling is inclined, SE orientated, aiming to intercept the expected mineralization strike as normal as possible * No orientation was applied in the exploration drilling, although oriented geotechnical drilling campaign was completed in Main Pit area * Five drill rigs (HYDX) were engaged in the 2021 drilling campaign, as between 1 and 4 of them were used for the exploration drilling * Drilling equipment is in good condition, provided and operated by local subcontractor with wide experience in central Asia * All drilling procedures are meeting the industry standards * 33 exploration drill holes with total length of 4834.8m were drilled at 2021 campaign, including: -Tukubash Central Pit and Est Pit areas: 24 drill holes, 2760.3m -Karator area - 5 drill holes, 935.3m -Ishakuldy area- 4 drill holes, 1139.2m ============= ============================================================ =============================================================== Drill sample recovery * Method of recording and assessing core and chip * Core recovery is logged as percent of the total sample recoveries and results assessed. length, measured directly from the core box observation * Measures taken to maximise sample recovery and ensure representative nature of the samples. * Core recovery is improved by using triple - core tube and additive drilling muds * Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred * Overall core recovery is approximately 95%, only one due to preferential loss/gain of fine/coarse hole has recovery below 90% material. * The average down-hole sample length is 1.5m * The average trench / road cut sample length is 2.0m * All samples were collected along the observed major lithological breaks * There doesn't appear to be a relationship bias between grade and length, or sample weight and recovery * Core samples are cut in two halves, along their long axis, 1/2core is further sent to "Stewart Assay and Environmental Laboratories" in Karla Balta - Kyrgyzstan. * Total of 3826 core samples (3228 regular and 598 QAQC) were taken * Total of 6561 rock chip samples from trenches & road cuts samples were taken as well (5961 regular and 600 QAQC) * All sampling practices are meeting the industry standards ============= ============================================================ =============================================================== Logging * Whether core and chip samples have been geologically * Drill core logging was done by company's geologists and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. * Road-cuts logging was done by company's geologists * Whether logging is qualitative or quantitative in * Trench logging was done by sub-contractors, under the nature. Core (or costean, channel, etc.) photography. supervision of company's geologists * The total length and percentage of the relevant * Total length of the logged exploration drill holes is intersections logged. 4834.8m (all) * Total length of the logged exploration trenches and road cuts is 13521.4m * Core logging include lithology, hydrothermal alteration, oxidation stage, degree of fracturing, mineralization, structures, RQD, core recovery. * Additionally approx.1550m of geotechnical drilling / logging (RMR 89) was done in the Main Pit area, which have available regular geological logging as well. Anyway, these holes were not assayed and currently are not considering as a part of the exploration drilling assessment * Each day, the core was transported to the field core storage area for logging. The core trays are wooden, including wooden cover as well, to prevent core losses or extra moving * Core logging is done in laptops, using AGR 4.0 software as a base platform. * Photo documentation is done on wet trays, and data is also incorporated in the database. * At the end of the field season all core is transported at the main core storage facility, in Malovodnoye village, close to Bishkek
* Logging procedures are meeting the industry standards , and are suitable for Mineral Resource Estimation ============= ============================================================ =============================================================== Sub-sampling techniques * If core, whether cut or sawn and whether quarter, * All intact core samples are cut along the long axis, and sample half or all cores taken. using core saw, in case of intensively fractured preparation zones, samples are taken with trowel * If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. * Half core is packed in labeled polyethylene bags, weighted, and further transported to "Stewart Assay and Environmental Laboratory", located in Karla Balta, * For all sample types, the nature, quality and Kyrgyzstan appropriateness of the sample preparation technique. * All of the drilled core is sampled, except the top * Quality control procedures adopted for all diluvium / alluvium cover sub-sampling stages to maximise representivity of samples. * All in situ bedrock, outcropped in trenches and new road cuts were samples as well * Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field * Rock density measurements are using field Archimedes' duplicate/second-half sampling. principle, approach with wax. Density sampling is designed as per 1 sample (approx. 10 cm) for each 5 metres of core. In areas of intensively fractured * Whether sample sizes are appropriate to the grain rock this interval is wider due lack of proper size of the material being sampled. material * The collection of geological data meets the industrial standards ============= ============================================================ =============================================================== Quality of assay data * The nature, quality and appropriateness of the * All samples are transported to "Stewart Assay and and assaying and laboratory procedures used and whether Environmental Laboratory", located in Karla Balta, laboratory the technique is considered partial or total. Kyrgyzstan, for further sample preparation and tests analysis * For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining * Through the sample preparation process, the entire the analysis including instrument make and model, sample is crushed to passing 90% at 2mm. Two pulps reading times, calibrations factors applied and their are made by pulverizing to 85% passing 0.075 mm. One derivation, etc. pulp is return to the company as duplicate, the second one is analyzed, including: Fire Assay and ICP - 35 elements * Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie * The applied QAQC scheme including approx. 15% of the lack of bias) and precision have been established. core samples and 10% of the trench and road cut samples. * QAQC including: - 5 types of different reference material (standards) provided by RockLab company, used for different stages of mineralization and oxidation - Blank material, collected from barren sediments located close to the filed camp - Field duplicate samples - quarter core duplicate sample of the parent one (also quarter in this case) * Reference material (standards) analysis shows just a single outlier (+/- 3 X data stdv. as a limit), no failed samples, observed unnatural trends or other room for improvement at all * Approx. 1.3 % (8 samples) of the blanks are showing higher grades (but all below 0.4 ppm) relatively to the expected 0.05 ppm (lower detection limit of the analysis). It is considering that this is due to anomaly in the sediments (sandstones) used for blank material, rather than laboratory issue * Field duplicates are showing equal mean, median and mode and slightly lower ( 17 %) stdv. relatively to the original sample. The difference is considered to be due to nugget effect * The applied QAQC procedures and the obtained results are meeting the industrial standards ============= ============================================================ =============================================================== Verification of sampling * The verification of significant intersections by * Approximately 40 pulp duplicates of the 2021 and assaying either independent or alternative company personnel. exploration drilling were sent for verification in SGS- Russia / Chita * The use of twinned holes. * No twin holes were designed in the current assessment. Anyway 16 (approximately 3500m) * Documentation of primary data, data entry procedures, metallurgical twin holes were done in the Kyzyltash data verification, data storage (physical and area. They are not considered as a part of the electronic) protocols. exploration domain, but indirectly improving the reliability of the old data * Discuss any adjustment to assay data.
* All the assay results are received electronically as an excel spreadsheets, and further incorporated in the database by company's database manager * The access of the database is limited, and only authorized employees can make corrections in it * Prior to data interpretation, the lower detection limits of Au (0.05 ppm) are changed to half of the detection limit (0.025ppm) ============= ============================================================ =============================================================== Location of data points * Accuracy and quality of surveys used to locate drill * All collar locations are reported at Gauss Kruger holes (collar and down-hole surveys), trenches, mine Pulkovo 1942 Zone 12 workings and other locations used in Mineral Resource estimation. * The survey is conducted, using Lecia Total Station (centimetre accuracy) * Specification of the grid system used. * All holes have a downhole survey, taken approx. at * Quality and adequacy of topographic control. 25m interval, using REFLEX EZ SHOT tool * The topographic model is based on satellite data * Roads, drill sites and other topographic details have been added after on-the-ground survey ============= ============================================================ =============================================================== Data spacing and * Data spacing for reporting of Exploration Results. * Exploration hole collars are in accordance with distribution existing profiles, designed perpendicular to the mineralized zones * Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource * Central Pit / East Pit holes are located in several and Ore Reserve estimation procedure(s) and most promising clusters, aiming to infill the classifications applied. existing data, and to upgrade the Resource in this area. The average space of drilling within the mentioned clusters is between 40 and 80m, and it is * Whether sample compositing has been applied. sufficient for the planned updating * No historical drilling was available in Karator area till 2021 campaign. 2021 drill holes along with certain trenching and road cut sampling successfully confirmed the grade continuity outlined by earlier soil sampling. The drilling is sufficient to open room for further exploration activities aiming to advance the outlined prospective zone. * Similar with Karator, no historical drilling was available in Ishakuldy area till 2021. The last exploration holes, along with certain trenching and road cut sampling manage to confirm grade continuity in this area as well, and to provide reasonable ground for further activities. The average drilling space is between 80 and 160m * Compositing in 1.5m will be applied in Central Pit / East Pit area, through the process of Resource updating. * Currently no sufficient ground for detailed Resource modeling in Karator and Ishakuldy areas. No Inferred, Measured or Indicated Resource will be reported. Compositing will not be applied ============= ============================================================ =============================================================== Orientation of data in * Whether the orientation of sampling achieves unbiased * All the exploration holes were designed in attempt to relation to sampling of possible structures and the extent to intercept the expected NE striking of the geological which this is known, considering the deposit type. mineralization as normal as possible, and to avoid structure any sampling biases. The average bearing of 2021 holes is approximately 150 degrees, with average dip * If the relationship between the drilling orientation around 50 degrees and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. ============= ============================================================ =============================================================== Sample security * The measures taken to ensure sample security. * The samples are sufficiently secure, with security guards in the entry, on both - field camp and Malovodnoye core shed ============= ============================================================ =============================================================== Audits or reviews * The results of any audits or reviews of sampling * External field audit was not implemented at 2021 techniques and data. exploration campaign ============= ============================================================ ===============================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary =============================================================== Mineral tenement and * Type, reference name/number, location and ownership * Chaarat ZAAV CJSC (CZ) is established in Kyrgyz land tenure including agreements or material issues with third Republic and is wholly - owned subsidiary of Chaarat status parties such as joint ventures, partnerships, Gold Holding Ltd (Chaarat). overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. * CZ is developing Tulkubash Gold Project (Project)
located in the Sandalash Range of the Alatau Mountains in the Chatkal district of the Jalal Abad * The security of the tenure held at the time of region (province) of north-western Kyrgyzstan reporting along with any known impediments to obtaining a license to operate in the area. * The Property is located at latitude 42deg1'6.91" N and longitude 71deg9'39.04" E and is close to the border with Uzbekistan. The Project site is located approximately 300 km southwest of the capital Bishkek, 60 km northeast of the regional administrative center of Kanysh-Kiya in the Chatkal Valley, and 300 km by road from the nearest railway station in Shamaldy-Say * CZ sole holds two licenses, controlling the Property. * Mining (production) license: #3117AE of 700.03ha, valid to 2032 is covering defined Mineral Resources of SW part of the Property, which comprising Main Pit / Central Pit and East pit areas. The Central Pit / East Pit exploration drilling from 2021 is within this license * Exploration license # 3319AP, valid till October 2023y (including retain option), with area of 6776 ha is covering prospective ground in NE direction. Karator and Ishakuldy drilling from 2021 is within this license. * CZ is obtaining consent of the local state administration and the local governments of Chatkal Region, required to conduct exploration work * As per Kyrgyz Republic legislation, land allocation is granted for subsoil use (e.g. road construction, industrial sites, or other infrastructure facilities) for the term of license validity * CZ bear a full legal responsibility for compliance with environmental requirements under Kyrgyz Republic legislation. CZ is required to obtain relevant environmental permits, make quarterly payments for environmental pollution as per Kyrgyz Laws and submit reports on compliance with environmental requirements =============== =============================================================== ========================================================================= Exploration done by other * Acknowledgment and appraisal of exploration by other * Initial reconnaissance commences in Soviet era, in parties parties. regard with identified antimony mineralization. Following the breakup of Soviet Union, Apex Asia in joint venture of Newmont Overseas Ltd complete approx. 1800m drilling and conduct geophysical survey. After 2002 CZ was formed,and acquired what is now known as Chaarat Mining License. Till 2021 CZ mange to confirm the presence of economic Au mineralization in the SW area of the Property and to open room for further exploration in NE direction =============== =============================================================== ========================================================================= Geology * Deposit type, geological setting and style of * Chaarat Gold Project (Project) is located within Tien mineralization. Shan Metallogenic Belt, a Hercynian fold and thrust belt, with length more than 2500 km. Tien Shan belt is divided by three tectono-stratigraphic units, each of it divided by a major structural zone, and is thought to represent accretionary prisms, on the margin of proto Eurasian continent. The Project is located in the middle Tien Shan province, build by Ordovician - Carboniferous fragments. Structurally, the terrene is intensively deformed by pre and post mineralization structural activities, dominated by SE and NW verging fore / back thrusts and steep N-NE strike-slip faults. Genetically, the mineralization system could be reference to " Orogenic" and "Intrusion Related" types. It has NE strike and is thought to be closely related with structurally controlled Permian aged magmatism. * Two main host rock / mineralization types can be outlined in the deposit. Oxidized type of gold mineralization, hosted in Devonian silicified sandstones of Tulkubash formation. Representing relatively steep, NE striking lenses, controlled by series of dilatational jogs. The second type of
mineralization is unoxidized Au zone, containing refractory gold, hosted in Ordovician flysch complex, dominated by fine-grained black shales, locally appeared in green-schist facies, and with features of comprehensive structural deformations. Both ore types are thought to represent same hydrothermal system, developed in different facies due to difference in the host rock and the stratigraphic position * Central Pit / East Pit (CP_EP) and Karator zones are part of the oxidized mineralization type, Ishakuldy is considered to be part of transitional to unoxidized mineralization type =============== =============================================================== ========================================================================= Drill hole BHID Az DIP East North RL Depth ZONE Information * A summary of all information material to the ---- ---- --------- -------- ----- ------ understanding of the exploration results including a DH21I596 136 -55 12685033 4663326 3015 285 ISH tabulation of the following information for all DH21I603 316 -45 12685031 4663196 3008 201.4 ISH Material drill holes: DH21I608 136 -55 12684760 4663253 3184 300.1 ISH DH21I615 135 -55 12684595 4663190 3148 352.7 ISH DH21K598 135 -45 12682945 4661443 2901 158.9 Karator o easting and northing of the drill hole collar DH21K601 315 -45 12682610 4660940 2768 251 Karator o elevation or RL (Reduced Level - elevation above sea DH21K604 135 -35 12682668 4661224 2731 180.2 Karator level in metres) of the drill hole DH21K605 135 -60 12682667 4661225 2731 185 Karator collar DH21K607 135 -35 12682567 4661110 2667 160.2 Karator o dip and azimuth of the hole DH21T587 140 -55 12680050 4657226 2853 134.6 CP_EP o down hole length and interception depth DH21T588 140 -55 12680084 4657241 2855 163.1 CP_EP o hole length. DH21T589 140 -47 12679982 4657121 2781 80.1 CP_EP * If the exclusion of this information is justified on DH21T590 140 -50 12680458 4657549 2722 80.7 CP_EP the basis that the information is not Material and DH21T591 140 -55 12680481 4657579 2725 80 CP_EP this exclusion does not detract from the DH21T592 135 -55 12680602 4657748 2821 140 CP_EP understanding of the report, the Competent Person DH21T593 135 -60 12680894 4658292 3084 175.2 CP_EP should clearly explain why this is the case. DH21T594 136 -70 12681103 4658543 3117 149.8 CP_EP DH21T595 135 -50 12680948 4658294 3063 110.2 CP_EP DH21T597 136 -50 12681105 4658543 3117 71.5 CP_EP DH21T599 135 -60 12680739 4658062 2997 90.5 CP_EP DH21T600 135 -65 12680706 4658090 3021 150.4 CP_EP DH21T602 135 -50 12680771 4658146 3034 150 CP_EP DH21T606 95 -55 12681281 4658537 3037 100.2 CP_EP DH21T609 135 -55 12681179 4658588 3132 80.5 CP_EP DH21T610 135 -50 12681182 4658740 3129 85 CP_EP DH21T611 135 -58 12681146 4658608 3146 150.4 CP_EP DH21T612 135 -60 12681226 4658634 3120 85 CP_EP DH21T613 135 -50 12680097 4657281 2857 130.2 CP_EP DH21T614 135 -65 12680042 4657176 2819 120.4 CP_EP DH21T616 135 -50 12681190 4658682 3139 160 CP_EP DH21T617 135 -60 12681151 4658663 3156 85.1 CP_EP DH21T618 136 -50 12681231 4658755 3140 60.2 CP_EP DH21T619 135 -58 12679996 4657168 2817 127.2 CP_EP ---------- ---- ---- --------- -------- ----- ------ -------- =============== =============================================================== ========================================================================= Data aggregation * In reporting Exploration Results, weighting averaging * Only Central Pit / East Pit holes will be currently methods techniques, maximum and/or minimum grade truncations incorporated in to block model, aiming to advance the (e.g. cutting of high grades) and cut-off grades are existing Unclassified and Inferred Resources in the usually Material and should be stated. area. In this regard different geostatistical approaches including grade population histograms, Q-Q and P-P plots will be implemented for choosing * Where aggregate intercepts incorporate short lengths reasonable domains, sample compositing and top of high grade results and longer lengths of low grade cutting grades, prior to data interpolation results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. * Overall, the results from 2021 exploration campaign, have available grade intercepts, with COG of 0.21g/t, accepted for Tulkubash style mineralization, certain * The assumptions used for any reporting of metal rules are applied. For a maximum length of interval equivalent values should be clearly stated. below the COG, but included in the calculations, is considered 6.0m. Each interval should start and end with sample >= COG. For top cap grade is considered 20 ppm, weighting averaging (length X grades) techniques are used for mean grades calculations
=============== =============================================================== ========================================================================= Relationship between * These relationships are particularly important in the * No historical drilling is available in Karator and mineralisation reporting of Exploration Results. Ishakudy areas Nevertheless, based on the surface widths and observation and the experience from the already well intercept explored Main Pit and Kyzyltash areas, which have lengths * If the geometry of the mineralisation with respect to similar structural and mineralization style with the the drill hole angle is known, its nature should be exploration targets, it is considering that the reported. majority of the exploration holes are intercepting the expected zone close to normal, and significant fluctuations between intercepts and the true width * If it is not known and only the down hole lengths are are not expected reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known'). * Central Pit / East Pit collars are supported by sufficient amount of historical data, aiming to avoid any significant fluctuation between the intercepts and the true width as well * Except some drill intercepts at Karator, true widths are estimated based on az/dip hole orientation and strike/dip of intersected mineralization =============== =============================================================== ========================================================================= Diagrams * Appropriate maps and sections (with scales) and * Wide variety of 2D and 3D graphics, maps, plots and tabulations of intercepts should be included for any wireframes are available, the combination of which is significant discovery being reported These should fully sufficient to visual description of the include, but not be limited to a plan view of drill reported data hole collar locations and appropriate sectional views. =============== =============================================================== ========================================================================= Balanced reporting * Where comprehensive reporting of all Exploration * No comprehensive reporting will be done for Karator Results is not practicable, representative reporting and Ishakuldy areas. All low and high grades and of both low and high grades and/or widths should be widths are reported practiced avoiding misleading reporting of Exploration Results. * Central Pit and East Pit results will be used for updating the already available Resource model in this SW area (last update 2020) =============== =============================================================== ========================================================================= Other substantive * Other exploration data, if meaningful and material, * Along with the pure exploration activities at 2021 exploration should be reported including (but not limited to): several other technical assessments, were also done data geological observations; geophysical survey results; including geotechnical and hydrogeological survey in geochemical survey results; bulk samples - size and Main Pit (oxidized type of mineralization), based on method of treatment; metallurgical test results; bulk 13 holes (approx. 1550m) and 16 more metallurgical density, groundwater, geotechnical and rock holes (approx.3500m) in Kyzyltash area (unoxidized characteristics; potential deleterious or mineralization type) contaminating substances. =============== =============================================================== ========================================================================= Further work * The nature and scale of planned further work (eg * Magnetic drone-based geophysics in the whole Property tests for lateral extensions or depth extensions or area, to define additional exploration targets large-scale step-out drilling). * Additional drilling and trenching in Karator and * Diagrams clearly highlighting the areas of possible Ishakuldy areas, accompanied by metallurgical, extensions, including the main geological geotechnical and hydrogeological surveys, aim to interpretations and future drilling areas, provided develop comprehensive Mineral Resource Estimation this information is not commercially sensitive. * Additional drilling and trenching in Kyzyltash area, for obtaining more details of the existing Resource and for defining the NE extension of the zone =============== =============================================================== =========================================================================
Appendix 2: Gold intercept table from the 2021 infill and exploration drilling at Tulkubash Oxide Gold Project Deposit and new exploration prospects Karator and Ishakuldy. The table generated using Tulkubash COG 0.21g/t cut-off grade and allowing 6 metres internal dilution. Where possible true widths are estimated.
Hole East, m North, m Elev, m Az Dip Dept, From, Drill Au, Interpreted m m width g/t , m ------- True width, m ------- ------------ T u l k u b a s h C e n t r a l P i t DH21T587 12680049,91 4657225,666 2853,452 140 -55 134,6 84,0 4,5 1,70 4,5 ======= and 100,5 3,0 1,25 3,0 and 111,0 3,0 0,48 3,0 DH21T588 12680084,44 4657240,535 2854,777 140 -55 163,1 67,5 3,0 1,46 2,8 and 81,0 15,0 0,52 12,5 and 108,0 3,0 1,08 2,8 DH21T589 12679981,77 4657120,88 2781,138 140 -47 80,1 52,5 4,5 4,85 4,5 including 54,0 1,5 11,91 1,5 DH21T590 12680457,97 4657549,03 2722,01 140 -50 80,7 36,0 4,5 3,20 3,6 including 37,5 1,5 8,04 1,2 DH21T591 12680481,42 4657579,25 2725,068 140 -55 80,0 21,0 13,5 0,57 10,5 no significant
DH21T592 12680601,85 4657748,128 2820,656 135 -55 140,0 intercepts DH21T593 12680893,76 4658292,118 3084 135 -60 175,2 60,0 10,5 0,37 8,4 and 84,0 7,5 0,52 6,0 and 103,5 16,5 2,04 13,2 including 109,5 6,0 4,10 4,8 DH21T595 12680947,89 4658294,395 3063,11 135 -50 110,2 9,0 4,5 0,35 3,6 and 67,5 3,0 0,45 2,8 no significant DH21T599 12680738,95 4658062,009 2997,36 135 -60 90,5 intercepts DH21T600 12680706,42 4658090,035 3020,845 135 -65 150,4 82,9 15,0 1,44 15,0 including 91,9 1,5 4,00 1,5 DH21T602 12680770,9 4658145,67 3033,75 135 -50 150,0 70,6 21,9 0,45 21,9 and 103,0 7,5 0,55 7,5 DH21T613 12680096,67 4657280,656 2856,884 135 -50 130,2 93,0 3,0 0,306 2,7 and 105,0 3,0 0,583 2,7 DH21T614 12680041,7 4657175,543 2818,992 135 -65 120,4 45,9 5,3 1,94 5,3 ==== ==== including 46,8 2,9 3,017 2,9 and 72,2 4,5 0,44 4,5 and 106,7 6,0 0,33 6,0 DH21T619 12679996,22 4657167,505 2816,575 135 -58 127,2 55,7 3,0 0,46 3,0 and 87,2 11,6 0,83 11,6 including 87,2 1,1 5,45 1,1 T u l k u b a s h e a s t area DH21T594 12681103,45 4658543,28 3116,99 136 -70 149,8 114,0 3,0 1,17 2,6 ======= no significant DH21T597 12681104,95 4658542,645 3116,967 136 -50 71,5 intercepts DH21T606 12681280,62 4658536,825 3036,603 95 -55 100,2 51,0 22,8 0,45 18,2 DH21T609 12681179,18 4658587,5 3132,117 135 -55 80,5 73,5 6,0 0,99 4,8 no significant DH21T610 12681181,98 4658739,918 3129,259 135 -50 85,0 intercepts DH21T611 12681145,6 4658607,7 3145,99 135 -58 150,4 130,6 6,0 6,58 4,8 including 132,1 4,5 8,40 3,6 DH21T612 12681225,84 4658633,969 3119,845 135 -60 85,0 18,4 1,5 2,96 1,2 DH21T616 12681190,2 4658681,715 3139,476 135 -50 160,0 12,5 7,5 1,14 6,0 DH21T617 12681150,6 4658662,533 3156,208 135 -60 85,1 43,3 5,5 2,09 4,4 including 43,3 4,0 2,64 3,2 no significant DH21T618 12681230,57 4658755,278 3139,59 136 -50 60,2 intercepts K a r a t o r DH21K598 12682944,84 4661442,501 2900,712 135 -45 158,9 128,2 25,5 0,88 * ======= including 134,2 3,0 3,29 * DH21K601 12682609,69 4660940,015 2767,835 315 -45 251,0 9,9 6,0 1,05 6,0 and 63,9 60,0 1,32 60,0 including 68,4 3,0 2,14 3,0 including 83,4 6,0 5,06 6,0 DH21K604 12682668,21 4661224,256 2731,091 135 -35 180,2 30,0 3,0 0,69 * and 49,5 6,0 0,60 * and 130,0 3,0 0,64 * and 141,5 6,0 1,07 4,5 and 155,0 16,5 0,89 12,4 DH21K605 12682667,15 4661225,425 2730,892 135 -60 185,0 53,0 25,0 0,91 18,0 and 90,9 7,7 0,44 5,5 DH21K607 12682566,59 4661110,331 2666,559 135 -35 160,2 105,0 26,5 0,38 * I s h a k u l d y DH21I596 12685032,7 4663326,49 3015,103 136 -55 285,0 83,7 12,1 0,28 9,1 ======= and 125,7 6,0 1,67 4,8 including 125,7 1,5 5,66 1,2 and 231,4 53,6 0,52 48,2 DH21I603 12685030,93 4663196,361 3007,725 316 -45 201,4 172,5 4,5 1,14 * and 198,0 3,4 0,49 * ------------------- ------------ ------------ --------- ---- ---- ------ ------ ------ ------- ------------ DH21I608 12684759,96 4663252,664 3184,031 136 -55 300,1 0,0 3,0 0,46 2,2 and 79,6 24,0 0,58 18,0 and 129,1 3,0 0,59 2,7 and 253,5 12,3 3,18 11,1 DH21I615 12684594,87 4663189,876 3147,648 135 -55 352,7 19,9 7,1 0,50 5,3 and 40,5 3,0 0,52 2,3 and 78,0 3,0 0,52 2,3 and 135,5 9,3 0,34 7,0 and 205,6 12,7 0,28 10,8 and 249,6 2,7 2,15 2,3 and 279,6 9,4 1,13 8,4 ------------------- ------------ ------------ --------- ---- ---- ------ ------ ------ ------- ------------ * No sufficient data to estimate, or interpret true width ------------------- ------------------------------------------------------------------------------------------------
Appendix 3: Gold intercept table from the 2021 trenching at Tulkubash Oxide Gold Deposit and new exploration prospects Karator and Ishakuldy. The table generated using Tulkubash COG 0.21g/t cut-off grade and allowing 6 metres internal dilution. The trench widths are close to true widths.
Trenches East, m North, m Elev, m Length, Az From, m To, m Trench Au, g/t m width, m ---------- T u l k u b a s h C e n t r a l P i t TR21T066 12680693 4657954 2980 545,0 169,0 8,0 16,0 8,0 5,61 ========== including 10,0 14,0 4,0 10,34 and 526,0 534,0 8,0 0,518 TR21T067 12680915 4658248 3068 365,0 154,7 44,0 78,0 34,0 0,58 and 160,0 164,0 4,0 0,45 TR21T070 12680041 4657280 2896 458,0 102,2 157,0 165,0 8,0 1,56 including 163,0 165,0 2,0 4,77
and 175,0 180,5 5,5 0,64 and 249,0 253,0 4,0 0,79 and 279,0 285,0 6,0 0,90 and 356,0 360,0 4,0 0,44 T u l k u b a s h east area TR21T083 12681556 4658810 3006 100,0 111,5 no significant intercepts ========== TR21T086 12681354 4658728 3111 84,0 134,6 no significant intercepts TR21T087 12681488 4658542 2932 41,0 135,1 no significant intercepts TR21T088 12681190 4658561 3115 144,0 145,0 52,0 64,0 12,0 0,32 K a r a t o r TR21T074 12683182 4661441 3012 82,0 242,2 12,0 20,0 8,0 0,46 ========== and 28,0 32,0 4,0 0,95 and 44,0 64,0 20,0 0,77 TR21T075 12682923 4661429 2900 214,0 254,3 no significant intercepts TR21T077 12683004 4661273 2916 171,0 289,0 2,0 6,0 4,0 0,28 and 74,0 102,0 28,0 1,68 including 94,0 100,0 6,0 3,09 TR21T078 12682909 4661091 2914 275,0 314,2 178,0 190,0 12,0 1,06 and 200,0 220,0 20,0 0,64 and 234,0 254,0 20,0 1,45 including 238,0 240,0 2,0 4,89 TR21T100 12682514 4660886 2717 132,5 235,1 54,0 58,0 4,0 1,41 and 68,0 70,0 2,0 1,68 TR21T101 12682643 4660883 2742 143,0 241,3 48,0 62,0 14 3,61 and 133,0 143,0 10 0,32 TR21T102 12682573 4660951 2756 127,0 276,4 61,0 65,0 4,0 2,89 and 81,0 127,0 46,0 1,15 including 85,0 91,0 6,0 4,02 TR21T103 12682715 4660971 2823 82,0 307,88 52,0 58,0 6,0 0,98 TR21T104 12682636 4661034 2747 99,0 301,22 8,0 58,0 50,0 1,32 including 18,0 20,0 2,0 6,00 including 40,0 42,0 2,0 9,89 I s h a k u l d y TR21T093 12683696 4662589 3401 383,0 179,8 0,0 4,0 4,0 0,25 ========== and 189,0 195,0 6,0 0,67 and 335,0 239,0 4,0 0,49 TR21T094 12683710 4662692 3409 416,0 103,3 61,0 67,0 6,0 1,06 and 77,0 81,0 4,0 0,56 and 122,0 146,0 24,0 0,45 TR21T096 12683950 4662898 3365 459,5 98,2 259,0 263,0 4,0 0,89 and 275,0 279,0 4,0 0,56 and 297,0 301,0 4,0 1,53 and 409,0 413,0 4,0 1,23 TR21T107 12684957 4663138 3071 176,0 132,0 48,0 54,0 6,0 0,32 and 98,6 122,0 23,4 0,34 and 142,0 150,0 8,0 1,38 TR21T108 12685065 4663330 3001 100,0 126,8 52,0 62,0 10,0 0,39 and 78,0 98,0 20,0 0,41 TR21T109 12685186 4663320 2915 206,0 89,5 30,0 32,0 2,0 2,86 and 84,0 104,0 20,0 0,40 TR21T110 12685092 4663015 2984 435,0 140,4 no significant intercepts TR21T111 12684787 4663244 3187 330,0 168,2 8,0 26,0 18,0 0,68 and 38,0 66,0 28,0 2,36 including 50,0 60,0 10,0 5,09 and 96,0 102,0 6,0 0,82
ENDS
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November 16, 2021 02:00 ET (07:00 GMT)
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